Union Pacific Corporation's Chairman and CEO to Address Merrill Lynch Conference

OMAHA, Neb., June 4 -- Dick Davidson, chairman and chief executive officer of Union Pacific Corporation , will discuss the company's yield strategy and productivity initiatives at the 2003 Merrill Lynch Global Transportation Conference at 11:10 a.m. EDT, Wednesday, June 11, 2003.

Investors can access the audio webcast and presentation material through Union Pacific's Web site at www.up.com under Investors. Following the live webcast, an Internet replay will be available through our Web site.

Union Pacific Corporation is one of America's leading transportation companies. Its principal operating company, Union Pacific Railroad, is the largest railroad in North America, covering 23 states across the western two- thirds of the United States. A strong focus on quality and a strategically advantageous route structure enable the company to serve customers in critical and fast growing markets. It is a leading carrier of low-sulfur coal used in electrical power generation and has broad coverage of the large chemical- producing areas along the Gulf Coast. With competitive long-haul routes between all major West Coast ports and eastern gateways, and as the only railroad to serve the six major gateways to Mexico, Union Pacific has the premier rail franchise in North America. The Corporation's trucking operations include Overnite Corporation, which owns less-than-truckload carriers Overnite Transportation and Motor Cargo.

Additional information is available at Union Pacific's Web site: www.up.com .

The contact for investors is Jennifer Hamann at (402) 271-4227.

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